America is Gaslighting You

Introduction

• Discusses how America is gaslighting its citizens about the economy, specifically the job market.
• Acknowledges a sponsor, Betterment, for investing towards retirement.

Current Job Market Realities

• It's difficult to find a job despite media narrating a booming economy.
• Example: Survey from Insight Global shows job seekers struggling with responses.
• Unemployment data: March 2020 - 3.5%, April 2024 - 3.9%.
• Public sentiment: Low confidence and optimism about job market.

Problems With Higher Education and Employment

• College degrees do not ensure competitive edge for jobs as previously assumed.
• Wage stagnation despite increasing cost of living.
• “Nobody wants to work” narrative persists.

Reasons for Job Market Discrepancies

1. Hiring But Not Hiring

• Fewer job listings due to previous hiring booms.
• Average of one job opening for every two applicants.
• Long and chaotic job interview processes.

2. Interview Process

• Prolonged due to cost-cutting and thorough vetting for best hires.
• Includes assessments and uncompensated test days.
• Lengthy reference checks and background checks.
• Increased ghosting in hiring, especially towards minority groups.

Impact of the Pandemic

• Pandemic economic conditions led to unprecedented social programs and temporary reduction in child poverty.
• Key legislation: CARES Act (March 2020).
• Temporary expanded unemployment insurance benefits led to improved middle-class situation.
• Pandemic still affects job recovery in sectors like travel and events.
• Public disillusionment: Realizing potential for better support that isn’t being continued.

Gen Z and Job Market

• Comparisons to Millennials graduating into 2008 recession.
• High levels of underemployment among Gen Z despite having degrees.
• Struggles with obtaining relevant work experience during the pandemic.
• Statistics: 60% of 18-25 year olds likely to change jobs in 2023.

Silent Recession

• Economy is officially booming, but many feel financially worse off due to inflation and rising interest rates.
• Stock market gains don't reflect the average worker's situation.

Layoffs: Corporate and Economic Impact

• Layoffs often boost company profit margins and stock performance.
• Mass layoffs even in high-performing companies to widen profit margins.
• Example companies: Meta, Spotify.
• Return to office mandates as a strategy for indirect layoffs.

Layoffs Tactics

1. Hiring freezes
2. Cutting hours or furloughs
3. Early retirement and voluntary buyouts

The Gig Economy

• Increasing numbers of Americans depend on gig work post-pandemic.
• Significant wage depression within gig economy roles.
• Misconceptions about gig worker income and inconsistent earnings.
• Delivery services and the impact of tips on earnings and service quality.

Practical Advice for Job Seekers

When Needing a Job Now

• Take inventory of online presence: update resume, LinkedIn, etc.
• Target and research where to apply rather than a bulk approach.
• Evaluate and prioritize personal/professional goals and necessary sacrifices.
• Side work to supplement income while searching.

When Not Actively Looking

• Always keep professional networks active and profiles updated.
• Take on ongoing education or certifications when possible.
• Maintain an emergency fund ideally covering 3-6 months of expenses.
• Consider passive income or flexible side jobs.
• Be an invaluable employee: adaptable, demonstrate wide range of value.

Conclusion

• Importance of collective advocacy for better economic support and challenging false economic narratives.
• Recognition that individual preparation can mitigate personal impacts of economic chaos.

Final Tips

• Understand economic situations beyond media narratives to avoid being gaslit.
• Combine individual preparation with social-political advocacy for better job market and economic policies.